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EUROPE
Secular
stagnation in the Eurozone – VoxEU
Paul De
Grauwe: Southern counties had accumulated current-account deficits and became
debtors when the Crisis hit, whereas the northern ones became creditors. The
burden of the adjustments has been borne almost exclusively by the debtor
countries creating a deflationary bias. Suggested fiscal policy prescriptions
are government investment programmes, to be implemented by northern countries
(and in particular, Germany).
Deep
Dive: Is EMU Irreversible or Not? – Marc
to Market
Is the
DKK the new CHF? – FT
30Y
German Bund Yield Plunges Under 1% - Record Low – ZH
RUSSIA
Russia's central bank goes dovish – Danske
Bank
Russian
central bank makes surprise interest rate cut – Reuters
GREECE
The troika
saved banks and creditors – not Greece – Open
Democracy
No, Greece
does not 'need' a haircut – TradingFloor
Germany:
Greek aid extension only makes sense if Athens upholds reforms – Reuters
Greece Shuns EU Bailout Cash Before
Dijsselbloem Visit – BB
Greece really might leave the euro – WaPo
EUROPEAN CENTRAL BANK
The
Euro-area loan developments are at a turning point – Nordea
Both the
bank lending survey and the euro area monetary indicators tell the same story:
Credit conditions are improving and lending is beginning to pick up in the Euro
area. The QE program will boost lending additionally beginning in March.
Draghi’s
Asset-Backed Debt Revival Nowhere to Be Seen in January – BB
Sales of
the notes totaled 1.2 billion euros ($1.4 billion) in January, the least for
any month since August 2011
MACRO NUMBERS
Euro area
annual inflation down to -0.6% - EC
Euro zone
prices fall at record-equalling pace in January – Reuters
Euro
inflation weakens further – Danske
Bank
Is the
Eurozone Spiraling Into Deflation? – The Short Answer – WSJ
Eurozone
Deflation Ties Post-Lehman Record, Worse Than Expected – ZH
Eurozone
deflation: where does this leave quantitative easing? – The
Guardian
Italian
unemployment drops sharply in December – TradingFloor
UNITED STATES
Are
widening U.S. credit spreads warning of a peak in U.S. equities? – Thomson
Reuters
Q4 GDP
U.S. growth cools in fourth quarter, but
consumer spending robust – Reuters
US economy grew at 2.6 percent last
quarter, below expectations – Vox
U.S. Economy Grew at 2.4% Rate in 2014,
Best Since 2010 – NYT
U.S. economy grew at 2.6 percent pace in
fourth quarter of 2014 – WaPo
ASIA
Australian
Equities Are Oversold
– Short
Side of Long
REGULARS
Daily
Central Banks – WSJ
Hilsenrath’s
Take: On an Important Data Day for the Fed, Look Out for Wages * Yellen Tells
Senate Democrats U.S. Economy is Strong * Rosengren Says Fed Has Big Role to
Play in Cybersecurity * Russia Cuts Interest Rates * Eurozone Consumer Prices
Fell Sharply in January
Daily
Macro – WSJ
Falling
eurozone prices – don’t call it deflation says the European Central Bank – remain
a big worry for economists. Will they take hold and feed a pernicious vicious
economic cycle that the single-currency region can’t escape? Even a relatively
robust Germany, where unemployment is lower than it’s been in
at least a quarter of a century, faces falling prices. On the other hand, Spain shows falling prices don’t need to
be incompatible with growth.
Danske
Daily – Danske
Bank
Eye-Opener – Nordea
Greek
markets rebound German inflation plunges, pushing inflation expectations further
down * Today’s ECI could be decisive for the Fed, and thus important for
markets
– Marc to Market
Daily
Shot – TradingFloor
ECB QE
decision gets vindication from negative German CPI print * Green shoots of
recovery start to sprout in Eurozone * Ruble weakness emerging again as Central
Bank of Russia meeting looms
US Open – ZH
Treasury-Equity
Reallocation Trade Pushes Futures Lower, 10 Year Rises To 1.72%
Deflationary
Forces Strengthen –
Marc
to Market
From the
floor – TradingFloor
Japan CPI
print shows strong disinflationary trend * Chinese currency woes could see PBoC
make a statement * US GDP report expected to signal a full recovery from the
recession * Raw materials tumble down to a 12.5 year low * Translation error
sends Belarussian bond yields soaring
OTHER
Global:
the USD liquidity elephant in the room – Nordea
Why is it
that, every time the Fed stops its money-printing programs, or initiates the
end of such programs (the tapering process), global nominal activity eases,
inflation expectations drop, the USD appreciates, volatility rises and
long-term bond yields plummets? Could it be that the world is more dependent on
abundant USD liquidity than commonly thought?
FINNISH
Aamukatsaus
– Nordea
Myös
Saksa päätyi pakkaskerhoon | USA:n työmarkkinoiden kustannusindeksi | Tanskan
keskuspankki laski jälleen talletuskorkoa
Yksittäisistä
maista suurin syyllinen eurokriisiin on – Saksa – Tyhmyri
Ilmarinen:
"Emme pääse Euroopan vauhtiin" – YLE
Työeläkeyhtiö
Ilmarisessa ollaan huolissaan Suomen taloustilanteesta. Sijoittajille Ilmarinen
ennustaa hankalaa vuotta rajusti vaihtelevien osakekurssien ja matalien
korkojen takia.
Suomi:
Asuntojen alennusmyynti loppuu pian – Nordea
Asuntojen
jokavuotinen alennusmyynti on pian taas ohi. Hinnat ovat joulu- ja tammikuussa
keskimäärin jopa pari prosenttia eli varainsiirtoveron verran matalammat kuin
kesällä.
PS:n
ajatuspaja lyttää EVA:n kaavailut maahanmuuton tuplaamisesta – PS
Suurten
yritysten liikevaihto jouluk. -0,9% YoY – Tilastokeskus
Bruttokansantuote
supistui 1,3 prosenttia vuonna 2013 – Tilastokeskus